Richfield to Manage Burlington, VT Doubletree
DECEMBER 5, 2007. Aik Hong Tan, President of Richfield Hospitality, today announced that the company has been awarded the management contract for the Doubletree Hotel in South Burlington, Vermont. The management contract follows the company's successful effort to acquire the hotel on behalf of investors. The Doubletree Hotel is located at the heart of Route 89/Williston Road.
Richfield Hospitality identified the property, which was not being broadly marketed, and assembled the investment group, Rich Burlington Hotel LLC, to acquire the hotel. After managing the underwriting process and utilizing the firm's network of lenders, Richfield finalized the hotel acquisition. Following the acquisition, Richfield was named the property's management company.
The 100,370-square-foot hotel features 162 guestrooms/suites, 6000 square feet of meeting space, a 135-seat restaurant/lounge and a 3500-square-foot health club, which includes an indoor pool, Jacuzzi and exercise room. The interior courtyard and gazebo area are used for outside dining and social events.
Commenting on the purchase, Tan said, "We are extremely pleased to have put this deal together on behalf of the investor group. As a management company with a long history of success and strong relationships within the industry, we are in a unique position to identify properties offering significant opportunities for investors."
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